I’ve never understood the concept of “Value Range Marketing” or “Value Range Price.”
According to The Lund Team in San Diego, “Value Range Marketing is a simple pricing strategy designed to bridge the gap between the sellerâ€™s high opinion of value and the buyerâ€™s ‘low-ball’ mentality. Thus, VRM opens the line of communication earlier than traditional fixed price listings, allowing the market dynamics to dictate the final sales price.”
In Boston, Prudential advertises condos with VRM’s. I’ve yet to see any other agencies use them.
I don’t get it.
If a property is listed with a VRM of, say, $438,202 – $497,549, guess what? I’m going to offer $438,202 (or less!).
More: Highs and Lows in Home Pricing – Glenn Roberts Jr., Inman News blog